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Mosman Oil And Gas Ltd

Sale of Strawn Production Facilities and Leases

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RNS Number : 8814D
Mosman Oil and Gas Limited
01 July 2019
 

1 July 2019

Mosman Oil and Gas Limited

 ("Mosman" or the "Company")

 

Sale of Strawn Production Facilities and Leases

 

Mosman Oil and Gas Limited (AIM: MSMN) the oil exploration, development and production company, advises that it has today sold its 50% interest in the Strawn Production Facilities and Lease ('Strawn') to Eagle Natural Resources LLC.

 

Strawn was 50% owned by Mosman and Mosman will cease to be the operator.

 

Under the terms of the sale the consideration of USD 75,000 (approximately AUD $108,500) in cash has been received. The Company expects to use the proceeds for general working capital purposes.

 

In the Company's unaudited interim accounts to 31 December 2018 Mosman reported a net project loss from Strawn for the six month period of AUD $7,096, and project assets as at 31 December 2018 of AUD $158,632.

 

John W Barr, Chairman, said: "Strawn was a small but important step towards the team implementing Mosman's business plan, as it established Mosman as an Operator in USA and gave valuable experience in operating mature oil fields. This led to the acquisition and Operatorship of Welch, which has more development potential.

 

"Now that we have even more production and development opportunities, Strawn is no longer deemed a material asset and we see more value in focussing our attention on our other projects."

 

Competent Person's Statement

The information contained in this announcement has been reviewed and approved by Andy Carroll, Technical Director for Mosman, who has over 35 years of relevant experience in the oil industry. Mr. Carroll is a member of the Society of Petroleum Engineers.

 

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside

information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 Enquiries:

 

Mosman Oil & Gas Limited

John W Barr, Executive Chairman

Andy Carroll, Technical Director

[email protected]

[email protected]

 

NOMAD and Broker

SP Angel Corporate Finance LLP

Stuart Gledhill / Richard Hail / Soltan Tagiev

+44 (0) 20 3470 0470

 

Gable Communications Limited

Justine James / John Bick

+44 (0) 20 7193 7463

[email protected]

Joint Broker

SVS Securities Plc

Tom Curran / Ben Tadd

+44 (0) 203 700 0078

 

 

Updates on the Company's activities are regularly posted on its website www.mosmanoilandgas.com


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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Quick facts: Mosman Oil And Gas Ltd

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Market: AIM
Market Cap: £2.48 m
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